Author: FX

Share: The AUD/USD caught a much-needed bid in Friday trading after the US NFP report clobbered forecasts. The Aussie still remains buried deep in bear country after falling to fresh lows for 2023 in the early week. Market focus is set to crystallize on US inflation expectations next week. The AUD/USD etched in a new high for Friday at the 0.6400 level after catching a broad-market risk appetite bid that sent the US Dollar (USD) lower across the FX marketscape as market risk appetite flipped risk-on to close out the trading week. US Nonfarm Payrolls soar by 336,000…

Share: US equities caught a firm bid on Friday after a bumper NFP beat. The S&P 500 has pinged a new high for the week as investors pile out of safe havens to close out the trading week. Inflation data for the US will be the key focus moving forward as markets watch the Fed carefully. The Standard & Poor’s (S&P) 500 soared late Friday into $4,305 after markets yanked out the stopper and went full risk-on after US Non-Farm Payrolls handily beat the street, printing at a forecast-clobbering 336K against the anticipated 170K, and the previous figure…

Share: EUR/JPY touches a four-day high of 158.26, buoyed by a sharp rally in EUR/USD, before settling around 158.05. Despite breaching the Ichimoku Cloud, immediate resistances at 158.47 and 158.65 cap further upward momentum. Potential downside could see the pair target 156.45, with further declines possibly testing the October 3 low of 154.34. EUR/JPY prints solid gains of more than 0.90% on Friday after the EUR/USD rallied sharply towards a daily high of 1.0600, which lifted the cross-currency pair towards a four-day high of 158.26 before reversing toward current exchange rates at around 158.05. From a technical perspective,…

The major US indices are closing higher for the day. The gains came despite strong and expected US jobs report and higher yields. Traders are hoping that the tame wage data and the unemployment rate remaining unchanged at 3.8% (expected 3.7%) will keep the Fed on hold. Next week we get key consumer price index data in the US released on Thursday.The final numbers are showing:Dow industrial average rose 288.01 points or 0.87% at 33407.59S&P index rose 50.31 points or 1.18% at 4308.49NASDAQ index rose 211.50 points or 1.60% at 13431.33For the trading week, the Dow industrial average could not…

In this video, I outline the risks and targets in the USDCH as we work toward the close for the week, and the look ahead to the new trading week.What is the bias? What are the targets? What is the risk? What did the price action today and this week tell us technically about the price action going forward? Source link

Share: Data released on Friday showed employment rose by 63,800 in September in Canada, surpassing expectations. Analysts at CIBC point out that weakness under the hood should limit its implications for the Bank of Canada. Weakness under the hood While the headline increase in employment was a surprise, the weaker detail and decline in hours worked point to a still sluggish economy to end Q3.  With GDP having basically stalled in Q2 and Q3, and without a clear indication that it was accelerating again heading towards the final quarter, we still see the Bank of Canada remaining on…

October is here, and you know what that means: another round of top tier events to start the month, including the monthly monster U.S. employment update! Traders patiently awaited the event before making big moves, patience that was rewarded with a big positive surprise and volatility to follow! Not caught up on the major headlines? Check’em out before seeing how it all played out! Notable News & Economic Updates: ? Broad Market Risk-on Arguments China’s official manufacturing PMI improved from 49.7 to 50.2 in September; non-manufacturing PMI higher from 51.0 to 51.7 Congress passed bill to keep the government open,…

In this video, I outline the risks and targets in the USDCAD as we work toward the close for the current week, and the look ahead to the new trading week starting October 9, 2023.What is the bias? What are the targets? What is the risk? What did the price action today and this week tell us technically about the price action going forward?USDCAD needs to get below the 38.2% retracement Source link

The price of WTI crude futures are settling at $82.79. That’s up $0.48 or 0.58%. Since then the price has rallied up to $82.98.For the week, the price is still down sharply by -8.57% currently that is the sharpest fall since March 13, 2023 week This article was written by Greg Michalowski at www.forexlive.com. Source link

Short USD/JPY: A Reprieve in the DXY Rally and FX Intervention by the BoJThe USD/JPY has held the high ground for the majority of Q3 with rallies to the downside proving short lived at this stage. The potential for a downside move however remains in play and with the right fundamental developments could provide an excellent risk/reward potential.Now I’d like to start off by saying that this is what I would term a high-risk trade as we are going against an extremely bullish uptrend. This coupled with the FED meeting this week and the narrative of higher for longer may…